During the last decade, the luxury industry has undergone substantial and profound changes that have modified its international dynamics, and how the industry relates to its clientele.
Technology has been a revolutionary dynamo of continuous action, forcing all companies in the sector to integrate it into the core of business operations, and not just as a peripheral issue related only to digital and external communication.
With the unprecedented development of the Internet in the last decade and the support of large technology companies, the luxury business has uplifted its position as a global player, beyond the small atelier era of novelty and scarcity goods by which it used to be identified.
Pioneer technological advances at the service of luxury companies mean a commodification of luxury itself, since technology and forefront innovations are linked to exclusivity. Full access and benefit of that type of technology is limited, and technology allows for the one-of-a-kind experiences in physical and virtual worlds.
New trends in luxury are ahead of us, from the use of cryptocurrencies to pay for goods and services (which are in demand), the implementation of blockchain in companies, and the frequent use of artificial intelligence to understand customer needs and to predict their future tastes.
The new luxury-tech paradigm is fast developing,to get ahead you will need to know the rules of the new game.
The venture defines itself as “a blockchain-integrated solutions provider for global luxury brands”. Aura’s purpose is to enhance the luxury customer experience and to address common issues within the luxury businesses such as relationships with partners, traceability, and transparency.
The tech platform is operated by The Aura Blockchain Consortium, the first initiative led by luxury houses to become a technological hub for brands, a collaborative vision within luxury competitors for higher goals and future global challenges.
In an unprecedented joint venture cooperation, LVMH group, Prada group, and Cartier, part of Richemont group, have shared the governance of the blockchain system in a universal project intended for the entire sector, and open to all market players.
Full Article at: https://elle.education/business/the-luxurys-new-tech-frontier-from-blockchain-to-ai/